Formal approval to settlement process - purchase and refinance applications

Property Exchange Australia (PEXA) is an authorised electronic lodgement network operator (ELNO) providing a platform for transacting parties to manage the exchange of property settlements electronically. 

• For purchases, the panel solicitor will receive a PEXA workspace invitation from the solicitor acting for the borrower’s purchase. 
• For refinances, the panel solicitor will create the PEXA workspace and send an invitation to the lender your client is refinancing from. 

 Where paper settlement is required, the panel solicitor will communicate directly with the borrower’s solicitor for settlement requirements.  

Your client will need to review and electronically execute the loan documents in DocuSign. Where there are multiple borrowers, any borrower can sign the documents first. However, all borrowers need to sign using the same method (e.g. either DocuSign or wet-signed). 

If your clients don’t wish to electronically sign their loan documents, you can print the documents and arrange for them to physically wet sign the documents. All borrowers must use the same method of signing and their signatures must match their photo ID.  
 

Original signed documents 

If a document requires a wet-ink signature (e.g. original signed documents like guarantor documents), it’ll need to be returned to our panel solicitor’s office. Their details can be found on the formal approval letter and on the cover sheet of the loan documentation pack.   

When your client has signed all loan documents in DocuSign, a confirmation email will be sent to both you and your client with instructions to download the completed loan pack. A download of the completed loan document pack is only available for 90 days post signing. 

The panel solicitor will receive a notification of the completed DocuSign envelope and they’ll: 

• verify the completed loan documents to ensure any supporting documents required (including wet ink signed) have been returned, and  
• check all pre-settlement conditions have been satisfied. 

Post review, the panel solicitor will advise you via email if there are any outstanding requirements or if the file is ready for settlement booking. 

As part of the formal approval notification, we’ll inform you of any settlement conditions that need to be met prior to a settlement date being set.  
 

Where to send supporting documents 

Supporting documents for settlement conditions must be emailed to our panel solicitors. Their email address can be found on the formal approval letter and on the cover sheet of the loan documentation pack.  
 

Debt consolidation requirements 

A debt consolidation settlement condition requires another debt facility (e.g. credit card, HECS, personal or home loan) needs to be paid out as part of the settlement.  

• You’ll need to provide a final payout figure that is valid on the settlement day, and includes the banking/payment details to be paid out for the facility, to our panel solicitors prior to settlement.
• At settlement, we’ll allocate part of the settlement funds to pay out the facility.
• For HECS, you’ll need to provide proof from your client’s ATO portal to show the balance has been paid out.
• For credit cards or other facilities that aren’t automatically closed, your client will need to close the facility post settlement. 

Where the funds to complete are coming from, will determine the process. If your client is using funds from: 

• an existing Macquarie offset or transaction account, they’ll need to fill in the ‘Funds to Complete’ section of the settlement authority form included in your client’s loan documentation pack 
• a non-Macquarie account, they’ll need to liaise with their solicitor or conveyancer to plan for their own funds to be available at settlement. 
   

Issues with funds to complete 

Settlement can’t process without sufficient funds available to complete. Your client will need to ensure there are sufficient available funds in the nominated account(s) prior to the day of settlement. 

• If there are insufficient funds, your client will need to transfer funds into the nominated account or contact our panel solicitors to discuss other options.
• If ‘Funds to complete’ is incorrect or not completed, your client will need to make their own arrangements to manually transfer funds so that they are available at settlement. They’ll need to be aware of our payment cut off and processing times. 

Your client’s financial contribution must be made at land settlement as we retain the full amount of the building contract for construction of the property. 

To alter or waive a settlement condition, you’ll need to contact our panel solicitors. They’ll organise for this request to be reviewed by our Credit Team.    

The panel solicitors' email address can be found on the formal approval letter and on the cover sheet of the loan documentation pack.  

If your client wishes to nominate their Macquarie Bank account for any shortfalls on day of settlement, they’ll need to complete the Authority to Debit section in the settlement authority document. 

You’ll need to ensure your client has sufficient funds in the nominated account for settlement day. 

If your client is expecting surplus funds, ensure the Surplus Funds section of the settlement authority form is completed, and an account is nominated for remaining funds.  

If no account is nominated, we’ll automatically deposit the funds into one of the variable home loan accounts at settlement. 

To change the settlement date, you’ll need to discuss with our panel solicitors. They’ll liaise with the relevant stakeholders and do their best to meet this request. They’ll confirm if the settlement can be changed.  

To ensure you and your client are informed of the successful settlement, our panel solicitor will:

• to us, confirm via email that the matter has settled  
• to you, confirm via email and provide a copy of the disbursement letter
• to each applicant, send a SMS text and email to confirm settlement. 

For construction loans, a copy of the builder’s commencement letter will be attached to the settlement confirmation emails. 

Once the loan has settled, our Broker Portal will show the facility and account structure. To support your client, you or your registered support staff can use Broker Portal to check: 

• offset accounts linked to home loan accounts 
• interest rates 
• repayments  
• settlement date
• other loan information. 

 Your client provides their consent in their loan documentation for you to be able to access their loan details. They can revoke their consent at any time after settlement. 

Ensure you remind your client that their first repayment will occur monthly and on the same day as the settlement day. For example, if the home loan settled on 15 September, the repayment day will always be the 15th of each month. 

Your client can manage their repayments via Macquarie Online Banking or the Macquarie Mobile Banking app, including changing the frequency of repayments using other repayment methods.